Department of Economics
University of Maryland
Intermediate Macroeconomic Analysis
Economics 325
Fall 2015
Professor:
Martina Copelman
Email address:
Copelman@econ.umd.edu
Office:
Tydings Hall 3127 F
Office Hours:
Mondays and Wednesdays 11:00-11:50 or by appointment
Course Time & Location: M W 1 0 - 1 0 : 5 0 , T y d i n g s 2 1 0 9
MW 12-12:50, Tydings 1101
Textbook:
Blanchard and Johnson, Macroeconomics (Pearson), 6th edition
Course website:
https://myelms.umd.edu
TA Instructors:
Can Sever (201,202,203)
Gentry Johnson (301,302,303)
Email:
sever@econ.umd.edu
johnsong@econ.umd.edu
Office:
Tydings 4110
Tydings 4110
Office Hours:
Tue and Thu 11:00 - 12:00 pm Tue 3:30- 4:30 pm & Friday 2-3 pm
Course Sections:
All on Friday
201: 10-10:50 am ASY 3207; 301: 1-1:50pm EDU 1315
202: 11-11:50 am EDU 2119; 302: 11-11:50 EDU 2101
203: 12-12:50 pm EDU 2119; 303: 12:12:50 EDU 3236
Course Objectives: Our broad objective is to study the factors that determine economic activity,
including output, unemployment, and inflation. A key focus will be on how fiscal and monetary
policy can affect the economy through the use of theoretical models and the analysis of current
issues.
Prerequisites: Economics 300 with a final grade of “C-” or higher. Economics 325 is for
economics majors only; the parallel course for non-majors is Economics 305.
Recommended reading: Macroeconomic issues and articles on The Economist, The Financial
Times and The Wall Street Journal. Occasionally I will post articles that will become required for
the course and will be “fair game” for the exam. It is your responsibility to keep up with the material
from these sources.
Instructor power points and relevant articles will be made available on ELMS. You are expected to
check the class ELMS page on a weekly basis and keep updated on class materials.
Grading: The final grade will be a weig ht ed aver ag e based on t he following
r equir ement s:
Mid-Term Exam- In class Monday October 19
4 Quizzes in Friday Section Sept 25, Oct 9, Nov 6, Dec 4
30%
20%
Final Exam (Cumulative),
Friday 12/18 8-10 am (sections 301-303)
Saturday 12/19 8-10 am (sections 201-203)
Problem Sets
Class Participation
35%
13%
2%
Policies and Important Notes:
Grades: Grades will be posted throughout the semester. Mistakes do occur and it is the student’s
responsibility to tell me and the TA immediately if there is a problem with your posted grade, but
NO LATER than 2 weeks after the grade is posted. If you contact me or the TA at the end of the
semester for missing or erroneous grades, those grades will NOT be adjusted.
Problem Sets: There will be 8 required problem sets DUE DATES UNDER COURSE
SCHEDULE BELOW. Problem set solutions should be clearly, logically, and thoroughly
presented. Problem sets are due no later than the beginning of class on the date indicated.
Solutions will be posted on the course website the day after the due date. LATE PROBLEM
SETS WILL NOT BE ACCEPTED. The lowest score of the problem sets will be dropped for
your grade calculation.
Quizzes: Quizzes will be during Friday sections (dates under course schedule below and
above) and there will NOT be a possibility for a make-up. YOU MUST SHOW UP FOR THE
QUIZZES OR YOU WILL GET A ZERO ON THAT QUIZ. If you have a university accepted
excuse it is up to you to communicate that absence to me by the following day or class of
your missed quiz. The grade for that quiz will be worked out with the professor at that time
and only after appropriate evidence of excused absence is presented.
Lecture and Section Attendance: I expect you to come to class and remain in class for the
duration of the class period. Your class participation grade will depend on this. The course
web page is provided to update and disseminate course information. It is NOT intended as a
substitute for attending lectures. Any topic discussed in lecture is “fair game” for the exams.
Private conversations and or use of electronic equipment (cell phones, iPods, ipads, computers
etc….) are disruptive and rude to fellow students and your instructor and will not be tolerated.
Laptops and Ipads are allowed for NOTE TAKING ONLY. If I find that you are using them for
surfing the internet or other uses I will ban the use of laptops in the classroom. Depending on the
material, I will occasionally ask the TA to cover some of the material if we do not finish it in time in
class. THIS MEANS YOU MUST ATTEND YOUR FRIDAY SECTION! ALL THE MATERIAL
COVERED IN CLASS OR IN SECTION IS FAIR GAME FOR THE QUIZZES AND EXAMS.
Make–up Exam Policy: All students are required to take the in-term exams, quizzes, and the
final exam. Any absence from an exam must be due to a reason that complies with
University policy. The four valid excuses according to University policy are medical conditions,
religious observances, participation in University events at the request of University
authorities, and compelling circumstances beyond your control. Students claiming excused
absence must apply in writing and furnish documentary support for their assertion that absence
resulted from one of these causes. Religious observances and participation in University events
should be appropriately documented well in advance. Medical conditions and compelling
circumstances beyond your control must be adequately documented as soon as possible
consistent with the reason and by the appropriate authority. If you miss the midterm exam and
if your documented absence complies with University policy, you may be eligible for a make-up
exam based on my discretion. Issues on the timing of exams should be directed to the
professor.
Exam Re-grade Policy: If, after going over your exam and the exam solutions, you believe
some of your solutions were more correct than originally judged to be, you may submit, in
writing, an exam re-grade request. Your re-grade request must specify which solutions(s) you
believe were not graded appropriately and a substantive explanation for why you believe
your solutions are more correct than originally judged (thus, re-grade requests that consist of
essentially nothing more than “I think I should have received more points on this question” or
similar will not be considered). Your entire exam is subject to re-grade. EXAM RE-GRADE
REQUESTS ARE DUE NO LATER THAN ONE WEEK (7 CALENDAR DAYS) AFTER EXAMS
ARE RETURNED – this deadline applies even if you are not present on the day graded exams
are returned (it is your responsibility to pick up your graded exams in a timely manner).
Communication: Virtually all course material will be posted on the course website. The
University has adopted email as the primary means of communication outside the classroom,
and I will use it, if need be, to inform you of updates to the course. Students are responsible
for updating their current email address via the appropriate link on
http://www.testudo.umd.edu/Registrar.html and checking the course website regularly for new
information. If you do not do this and subsequently are not informed of changes to any of the class
or assignment particulars you are still held responsible for them. “I did not get the email” is not a
valid excuse.
Assistance: If you are experiencing difficulties in keeping up with the academic demands of this
course, contact the Learning Assistance Service, 2202 Shoemaker Building, (301) 314-7693. Their
educational counselors can help with time management, reading, math learning skills, note taking
and exam preparation skills. All their services are free to UM students.
Disability Support Services: The University has a Center for Academic Success, which
provides various disability and counseling services to support students. In order to receive any
special consideration for a disability you MUST present a letter from them. Students who require
special accommodations for exams must get in touch with the professor or a TA within the first
three weeks of class. Please see http://counseling.umd.edu/DSS/
Academic Integrity: The University of Maryland, College Park has a nationally recognized
Code of Academic Integrity, administered by the Student Honor Council. This Code sets
standards applicable to all undergraduate students, and you are responsible for upholding
these standards as you complete assignments and take exams in this course. Please make
yourself aware of the consequences of cheating, fabrication, and plagiarism. For more information
see http://www.studenthonorcouncil.umd.edu. I will not tolerate cheating in any form in my class. If
you are caught cheating I will seek disciplinary action.
Copyrights: Course materials are copyrighted. Hence, selling or distributing copies or modified
copies of instructors’ course materials or assisting another person or entity in selling or
distributing those materials may be considered in violation of the University Code of Student
Conduct, Part 9(k).
CLASS SCHEDULE: The following is tentative lecture schedule for Monday and Wed lectures
and the Quiz schedule for Friday Section. Problem set due dates could be adjusted if lectures justify
it. I will inform you in advance via ELMS and in class.
Lecture
Date
Topic
Textbook
Chapters
Slides and Ch 1,2
1, 2
Aug 31, Sept 2
Friday Section
Sept 4
Introduction, NI
accounts,
Math Review
3, 4
Sept 7, 9
Goods Markets
Friday Section
Set 11
PROBLEM SET 1 DUE
5, 6
Sept 14, 16
Goods and Financial
Markets
Friday Section
Sept 18
PROBLEM SET 2 DUE
6,7, 8, 9
Sept 21, 23, 28, 30
IS-LM model
Friday Section
Sept 25
QUIZ #1 Ch 1-4
Friday Section
Oct 2
PROBLEM SET 3 DUE
10, 11
Oct 5, 7
Labor Markets
Friday Section
Oct 9
QUIZ # 2 Ch 5
12, 13, 15
Oct 12, 14, 21
AD -AS
Ch 7
Friday Section
Oct 16
REVIEW FOR EXAM
PROBLEM SET #4 DUE
Ch 1 - 6
14
OCT 19
MIDTERM EXAM
Ch 1-6
Friday Section
16, 17
Friday Section
Oct 23
Oct 26, 28
Oct 30
PROBLEM SET 5 DUE
Phillips Curve
PROBLEM SET 6 DUE
Ch 8
18,19,20
Nov 2, 4, 9
Open Economy- Goods
and Financial Markets
Friday Section
Nov 6
QUIZ #3 Ch 7 & 8
21, 22, 23, 24, 25
Nov 11, 16, 18, 23,
25
Open EconomyMundell Fleming Model
Friday Section
Nov 13
PROBLEM SET 7 DUE
25
Wed, Nov 25
PROBLEM SET 8 DUE
26, 27, 28, 29
Nov 30, Dec 2, 7
Ch 21
Friday Section
Dec 4
Open EconomyExchange Rate Regimes
QUIZ # 4 Ch 18-20
Friday sections
301-303
12/18
Ch 1-8, and 18-21
Saturday sections
201-203
12/19
FINAL EXAM 8:00-1:00
AM
Location TBA
FINAL EXAM 8:00-1:00
AM
Location TBA
Ch 3
Ch 3 & Ch 4
Ch 5
Ch 6
Ch 18, 19
Ch 20